Presidency: FG Plans to Elevate GDP to $1 Trillion in 8 Years

Presidency: FG Plans to Elevate GDP to $1 Trillion in 8 Years

The Nigerian Federal Government has dedicated to enhancing the nation’s economy through an eight-point agenda.

Temitope Ajayi, the Senior Special Assistant to the President on Media and Publicity, stated that this government is determined to accomplish complete industrialization of the economy as part of its agenda.

He further noted that the government has prioritized the real sector, anticipating that it will stimulate job growth and improve overall economic indicators.

However, the federal government has set ambitious targets, looking to elevate the Gross Domestic Product (GDP) growth rate from 3.5% to 7% by 2024.

The President’s vision is to bolster the nation’s economy from a $450 billion GDP to a remarkable $1 trillion within the next eight years.

The federal government has laid out a comprehensive roadmap aimed at invigorating industrial expansion, with a particular focus on enhancing the Small and Micro-Enterprise (SME) sector and revitalizing all national industries to promote economic expansion.

The Nigerian government has established a committee responsible for monitoring and eliminating bureaucratic hurdles and administrative obstacles

The committee comprises the following members:

1. Sub-committee on consumer credit. 2. Sub-committee on commodity exchange. 3. Sub-committee on heavy industries and steel development.

4. Sub-committee on trade facilitation and ease of doing business. 5. Sub-committee on licensing and certification of artisans. 6. Sub-committee on trade facilitation and realization.

7. Sub-committee on mining and solid minerals. 8. Sub-committee on oil and gas. 9 Sub-committee on Creative Industries.

However, the FG has approved the setup committee to review the Free Trade Zones and Special Economic Zones.

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